Hot on the heels of the recent launch of fintech company Transferwise’s new multi-currency debit card and rumours of an October launch in Singapore, London-based fintech firm Revolut has officially brought its product out of beta.
In partnership with Visa, Revolut’s multi-currency travel debit card allows Singapore consumers to spend overseas in over 150 currencies at the “real exchange rate” without hidden fees.
This ‘real exchange rate’ is also applied when users transfer money overseas.
Said Kunal Chatterjee, Visa Country Manager for Singapore and Brunei at the launch: “Revolut is the first neobank that Visa is partnering in Singapore to issue a multi-currency travel debit card.”
“As we progress into a more digital society, consumers expect to lead a digital lifestyle and make payments seamlessly when they travel without worrying about carrying too much cash.”
But what’s interesting is that Revolut has also signed a global partnership with Mastercard, according to TechCrunch.
With this partnership, Revolut will be able to issue cards that work on the Mastercard network as well.
This partnership will see Revolut issuing its cards to customers in the United States “by the end of this year“.
Make Payment, Withdrawals, And Manage Your Finances
Singapore residents will be able to hold and exchange 14 currencies in Revolut’s app, including the Singapore Dollar, US Dollar, British Pound, Euro, and Australian Dollar.
There are plans to launch an additional 14 currencies in the coming months, including Indian Rupees, Filipino Pesos, and Malaysian Ringgit.
It also lets users withdraw up to S$350 per month from international ATM machines for free for standard users, and S$700 for its premium users.
“The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to $7 billion overseas,” said Eddie Lee, Head of Operations for Asia Pacific.
“For the most part, these are ordinary, hard working people who are unaware that their existing providers are charging them as much as five percent in fees.”
Revolut customers in Singapore will be able to send and request money from Revolut customers in other countries, instantly and for free.
Currently, Revolut is available in the UK, Europe, and Australia. They also have plans to launch in the US and Canada later this year.
Acting like a personal finance management app, Revolut also lets customers see how much they are spending each week and month on things like groceries, restaurants, and transport, even letting them set monthly spending budgets for each category.
According to a press release, Revolut already has 30,000 customers in Singapore.
Having set up its Asia-Pacific hub in Singapore in 2018, Revolut also revealed plans to triple its headcount in Singapore in the coming months.